In order to approach the analysis of a work of literature, one has to acknowledge that it possesses two layers: a literal, surface layer that presents the facts of the narrative, and a figurative, deeper message of the piece.  A story is very seldom only about the literal details it presents, as the author typically is using them to convey a deeper point, often about human society/culture or human nature.  

Note: It is helpful to understand elements of the writer's life, beliefs, time period, etc. in order to gain a more fully developed interpretation of the work.

The physical event of the story - the "five W's and the H" of the work (character, plot, conflict/resolution, setting, word meanings, literary devices, etc.).  A reader must understand this layer before s/he is able to move beyond and into deeper, figurative meaning.

The overall feeling(s) of the work of literature - expressed through imagery, language and style.

The author's general attitude general attitude toward the audience, characters, settings subject matter, etc.  This is shown through diction, phrasing, and selection of details.

The reader's interpretation of the overall, underlying point of the work as intended by the author -- this is the only legitimate meaning that is worth seeking when attempting to interpret a work of literature.  This meaning must be supported by all of the information uncovered in the first three layers.